Item 1: Entity 1 Corporation purchased land adjacent to its plant to improve access for trucks making deliveries. Expenditures incurred in purchasing the land were as follows: Purchase price $55,000 Broker's fees 6.000 Title search and other fees 5,000 Demolition of an old building on the property, 5,700 Grading 1,200 Digging foundation for the road 3,000 Laying and paving driveway 25,000 Lighting 7,500 Signs 1,500 List the items and amounts that should be included in the Land account Item 2: Equipment with a cost of $480,000 has an estimated salvage value of $30,000 and an estimated life of 4 years. Compute the annual depreciation and then show what this asset looks like on the balance sheet at the end of the second year. Item 3: Equipment that cost $72,000 and on which $60,000 of accumulated depreciation has been recorded was disposed of for $18,000 cash. Make the entry to record this transaction. Hint: Compute BV and then gain (loss)